Jay Z released a statement on his website, explaining his silence: "This collaboration lives in a place of giving and is about the Foundation."

I am not making a dime from this collection; I do not stand to make millions, as falsely reported. I need to make that fact crystal clear. The Shawn Carter Foundation is the beneficiary and the foundation is receiving 25% of all sales from the collaboration, 10% of all sales generated in the store on November 20th and an additional donation from Barneys. This money is going to help individuals facing socio-economic hardships to help further their education at institutions of higher learning. My idea was born out of creativity and charity… not profit.

"I move and speak based on facts and not emotion. I haven’t made any comments because I am waiting on facts and the outcome of a meeting between community leaders and Barneys."

Olivia Harris / Reuters

"Why am I being demonized, denounced and thrown on the cover of a newspaper for not speaking immediately?" he wrote on his website.

Going on to say he had originally been waiting to have the full facts before he released a statement, he said, "Making a decision prematurely to pull out of this project, wouldn’t hurt Barneys or Shawn Carter, but all the people that stand a chance at higher education."

"I am against discrimination of any kind, but if I make snap judgements, no matter who it’s towards, aren’t I committing the same sin as someone who profiles?"

"I am no stranger to being profiled and I truly empathize with anyone that has been put in that position. Hopefully this brings forth a dialogue to effect real change," Jay said.